SSF and IB

[bungrider]

good one. sorry for being unclear. yes, the DIA trades millions a day. being on AMEX, i haven't ever traded it, so you got me there.

i was referring to the sector-specific DIA's, ETF's, and to most options contracts. the last time i looked, which was a while ago, most of the sector-specific stuff did 50k or less per day. and options on any underlying equities which do less than 1mil shares a day tend to be pretty light, so i'd call them unpopular, too.

 

[Cdntrader]

Originally posted by bungrider
good one. sorry for being unclear. yes, the DIA trades millions a day. being on AMEX, i haven't ever traded it, so you got me there.

i was referring to the sector-specific DIA's, ETF's, and to most options contracts. the last time i looked, which was a while ago, most of the sector-specific stuff did 50k or less per day. and options on any underlying equities which do less than 1mil shares a day tend to be pretty light, so i'd call them unpopular, too.

Sorry for my ignorance but what's a "sector specific DIA"?

 

[hardrock375]

Originally posted by Cdntrader



Sorry for my ignorance but what's a "sector specific DIA"?

I think he may be referring to the sector specific Dow Jones I-Shares.

 

[Tech Analysis]

Most of the HOLDRs except the BBH and SMH trade lightly. The Broadband BDH traded all of 51k yesterday, not exactly the liquidity you'd want for daytrading. Even the Retail RTH was only 361k.

 

[Eldredge]

Originally posted by bungrider


i've said it before and i'll say again - despite that sh!tty uptick rule (which is pointless anyway) what is the point of SSF's?? They apparently aren't cheaper than stocks after all (IB $1/contract vs. $1 per 100sh) and receive no preferential tax treatment.

it seems the only purpose is to skirt the BS rules created by the SEC (PDT & Uptick rule)...

what a bunch of morons we have calling the shots...even if they wanted to revoke the PDT and Uptick rules, keeping harvey out of jail will probably keep them busy for a while..

I am also hoping (not expecting) that the SSF's will eventually trade in a transparent manner like NAS stocks. In other words, I will be able to get instant fills at the NBBO on NYSE stocks without dealing with a specialist. I suspect that this will be the true downfall of SSF's. If they become popular enough to take away the specialists' ability to manipulate price, they will be modified or changed to restore the specialists' advantage (like the ETF's and ISLAND).

 

[ElvisOnMargin]

Originally posted by bungrider
Thanks for the info. I was hoping you'd chime in, def.

So if I "upgrade" to the Universal Account, I should be all set to use SSF's??

-b

They have been transferring (not converting) all accounts to universal whether you request it or not, including IRA accounts. You get a new account number starting with U and a couple of statements to record the transactions (because it's a transfer to a new account). They did it on a week-end and there was no snafu with TWS during or after the transfer.

 

[def]

SSF = sec vs commodity account.

A securities account may offer margining benefits that will not be afforded to commodities accounts.

You do need to request to trade SSF's at IB. It is available now via the accounts menu.

 

[Tech Analysis]

I tried getting a quote for the Dec 02 MSFT SSF but tws says I need to subscribe to the market data. On the mkt data subscription page I don't see where I should subsribe to SSF anywhere. Can someone help out? TIA

 

[shyhh]

Originally posted by Tech Analysis
I tried getting a quote for the Dec 02 MSFT SSF but tws says I need to subscribe to the market data. On the mkt data subscription page I don't see where I should subsribe to SSF anywhere. Can someone help out? TIA

Subscription of SSF data comes with the US Stock & Commodities package. The message will probably disappear tomorrow when data is available

 

[FX-Trader]

Will OneChicago start SSF Trading without CFTC and SEC approval ?

Press Release 10/30/2002

OneChicago Announces Products for Nov. 8 Launch

CHICAGO, IL – Oct. 30, 2002 – OneChicago, LLC today announced the first single stock futures to be traded at its launch on Friday, Nov. 8, 2002, pending regulatory approval. The Exchange also listed the single stock futures that had not already been revealed to be offered during the first weeks of trading.

OneChicago Chairman and Chief Executive Officer William J. Rainer said, “OneChicago is offering futures on some of the most actively traded stocks from a variety of industries. Our intention is to continually add new products every two weeks until we have a complete menu of 100 security futures offerings.”